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Side-by-side financial comparison of MARTIN MIDSTREAM PARTNERS L.P. (MMLP) and Westlake Chemical Partners LP (WLKP). Click either name above to swap in a different company.
Westlake Chemical Partners LP is the larger business by last-quarter revenue ($323.0M vs $187.7M, roughly 1.7× MARTIN MIDSTREAM PARTNERS L.P.). Westlake Chemical Partners LP runs the higher net margin — 4.5% vs 1.7%, a 2.8% gap on every dollar of revenue. On growth, Westlake Chemical Partners LP posted the faster year-over-year revenue change (11.4% vs -2.5%). Westlake Chemical Partners LP produced more free cash flow last quarter ($111.5M vs $-6.0M). Over the past eight quarters, Westlake Chemical Partners LP's revenue compounded faster (6.5% CAGR vs 0.8%).
Martin Midstream Partners L.P. is a U.S.-based midstream energy services provider. It offers storage, transportation, distribution and processing solutions for crude oil, natural gas liquids, refined petroleum products and specialty chemicals, mainly serving customers across North American energy and industrial segments.
Westlake Chemical Partners LP is a petrochemical limited partnership that manufactures and markets basic products including ethylene, polyethylene, and styrene monomers. It operates mainly in North America, serving packaging, construction, consumer goods, and industrial manufacturing sectors.
MMLP vs WLKP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $187.7M | $323.0M |
| Net Profit | $3.2M | $14.5M |
| Gross Margin | — | 30.0% |
| Operating Margin | 4.1% | 27.8% |
| Net Margin | 1.7% | 4.5% |
| Revenue YoY | -2.5% | 11.4% |
| Net Profit YoY | -37.1% | -3.0% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $187.7M | — | ||
| Q4 25 | $174.2M | $323.0M | ||
| Q3 25 | $168.7M | $308.9M | ||
| Q2 25 | $180.7M | $297.1M | ||
| Q1 25 | $192.5M | $237.6M | ||
| Q4 24 | $171.3M | $290.1M | ||
| Q3 24 | $170.9M | $277.0M | ||
| Q2 24 | $184.5M | $284.2M |
| Q1 26 | $3.2M | — | ||
| Q4 25 | $-2.9M | $14.5M | ||
| Q3 25 | $-8.4M | $14.7M | ||
| Q2 25 | $-2.4M | $14.6M | ||
| Q1 25 | $-1.0M | $4.9M | ||
| Q4 24 | $-8.9M | $15.0M | ||
| Q3 24 | $-3.3M | $18.1M | ||
| Q2 24 | $3.8M | $14.4M |
| Q1 26 | — | — | ||
| Q4 25 | 57.1% | 30.0% | ||
| Q3 25 | 55.1% | 32.2% | ||
| Q2 25 | 56.5% | 32.8% | ||
| Q1 25 | 53.5% | 22.8% | ||
| Q4 24 | 58.2% | 34.0% | ||
| Q3 24 | 58.5% | 42.2% | ||
| Q2 24 | 58.4% | 35.6% |
| Q1 26 | 4.1% | — | ||
| Q4 25 | 7.3% | 27.8% | ||
| Q3 25 | 4.1% | 29.8% | ||
| Q2 25 | 8.2% | 30.7% | ||
| Q1 25 | 7.5% | 19.6% | ||
| Q4 24 | 4.0% | 31.7% | ||
| Q3 24 | 7.4% | 39.6% | ||
| Q2 24 | 10.8% | 32.9% |
| Q1 26 | 1.7% | — | ||
| Q4 25 | -1.7% | 4.5% | ||
| Q3 25 | -5.0% | 4.7% | ||
| Q2 25 | -1.3% | 4.9% | ||
| Q1 25 | -0.5% | 2.1% | ||
| Q4 24 | -5.2% | 5.2% | ||
| Q3 24 | -1.9% | 6.5% | ||
| Q2 24 | 2.0% | 5.1% |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $44.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | — |
| Total Assets | $537.1M | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $44.3M | ||
| Q3 25 | — | $37.9M | ||
| Q2 25 | — | $36.6M | ||
| Q1 25 | — | $49.6M | ||
| Q4 24 | — | $58.3M | ||
| Q3 24 | — | $60.2M | ||
| Q2 24 | — | $66.0M |
| Q1 26 | — | — | ||
| Q4 25 | $428.0M | — | ||
| Q3 25 | $441.3M | — | ||
| Q2 25 | $427.8M | — | ||
| Q1 25 | $451.4M | — | ||
| Q4 24 | $437.6M | — | ||
| Q3 24 | $469.3M | — | ||
| Q2 24 | $439.4M | — |
| Q1 26 | $537.1M | — | ||
| Q4 25 | $522.4M | $1.3B | ||
| Q3 25 | $510.1M | $1.3B | ||
| Q2 25 | $515.6M | $1.3B | ||
| Q1 25 | $533.4M | $1.4B | ||
| Q4 24 | $538.5M | $1.3B | ||
| Q3 24 | $554.8M | $1.3B | ||
| Q2 24 | $535.1M | $1.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $120.4M |
| Free Cash FlowOCF − Capex | $-6.0M | $111.5M |
| FCF MarginFCF / Revenue | -3.2% | 34.5% |
| Capex IntensityCapex / Revenue | 1.6% | 2.7% |
| Cash ConversionOCF / Net Profit | — | 8.28× |
| TTM Free Cash FlowTrailing 4 quarters | $27.2M | $201.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | $120.4M | ||
| Q3 25 | $-1.2M | $105.2M | ||
| Q2 25 | $30.9M | $9.1M | ||
| Q1 25 | $-6.0M | $45.8M | ||
| Q4 24 | $42.2M | $132.5M | ||
| Q3 24 | $-15.8M | $126.1M | ||
| Q2 24 | $11.8M | $121.9M |
| Q1 26 | $-6.0M | — | ||
| Q4 25 | $15.6M | $111.5M | ||
| Q3 25 | $-7.9M | $75.6M | ||
| Q2 25 | $25.6M | $-15.3M | ||
| Q1 25 | $-11.9M | $29.8M | ||
| Q4 24 | $34.2M | $119.0M | ||
| Q3 24 | $-25.6M | $110.5M | ||
| Q2 24 | $-696.0K | $111.7M |
| Q1 26 | -3.2% | — | ||
| Q4 25 | 8.9% | 34.5% | ||
| Q3 25 | -4.7% | 24.5% | ||
| Q2 25 | 14.2% | -5.2% | ||
| Q1 25 | -6.2% | 12.6% | ||
| Q4 24 | 20.0% | 41.0% | ||
| Q3 24 | -15.0% | 39.9% | ||
| Q2 24 | -0.4% | 39.3% |
| Q1 26 | 1.6% | — | ||
| Q4 25 | 3.9% | 2.7% | ||
| Q3 25 | 4.0% | 9.6% | ||
| Q2 25 | 3.0% | 8.2% | ||
| Q1 25 | 3.1% | 6.7% | ||
| Q4 24 | 4.6% | 4.6% | ||
| Q3 24 | 5.8% | 5.6% | ||
| Q2 24 | 6.8% | 3.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 8.28× | ||
| Q3 25 | — | 7.18× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 9.25× | ||
| Q4 24 | — | 8.83× | ||
| Q3 24 | — | 6.95× | ||
| Q2 24 | 3.13× | 8.45× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
WLKP
| Affiliated Entity | $296.9M | 92% |
| Nonrelated Party | $26.2M | 8% |
